A subsidiary of MGM Resorts International – the company behind the PA online casino sites from BetMGM – has entered into an agreement to acquire the majority of game developer Push Gaming Holding Limited and related assets and services, MGM announced.
The MGM Resorts subsidiary is LeoVegas, an international iGaming company that MGM acquired last year.
In acquiring Push Gaming, LeoVegas now has access to the creator of digital games for betting and gaming companies. Push Gaming is a proprietary content provider with more than 30 games, such as Razor Shark, Wild Swarm, Big Bamboo, and Jammin' Jars.
MGM Resorts Continues Expansion
The deal signals MGM’s continuing effort to develop and expand its digital capabilities, which include PA online slots.
As part of the deal, Push Gaming will remain under the same management team and apparently will retain its employees as it continues in the business of game creation. Push has contact addresses in London and Malta.
LeoVegas currently employs more than 1,000 people in Europe, including at its headquarters in Stockholm and operations hub in Malta.
First Major LeoVegas Move Since Acquisition
The acquisition by LeoVegas is its first major move since it became a subsidiary of MGM, which offers BetMGM PA bonus codes for signing up.
While iGaming is widespread internationally, in the United States just six states have legalized full iGaming wagering, which includes casino slots and casino table games.
Aside from Pennsylvania mobile gambling, the other states that have legal, regulated online casino games are New Jersey, Michigan, West Virginia, Delaware and Connecticut. Nevada has internet poker but not casino games.
Legislation to legalize iGaming has been discussed and even introduced in some other states, but so far it has not been approved outside of those six jurisdictions.
Numbers for iGaming Tend To Be Steady
Still, iGaming has strong revenue-generating potential, partly because it is less susceptible to the seasonal swings of sports betting, and it remains part of longer-term strategies for major gaming companies.
As an example of the volatility inherent in sports, Pennsylvania sports betting handle (amount wagered) in the 12-month period from April 2022 to March 2023 has been as high as $797.1 million last October and as low as $336.5 million in July 2022. Gross taxable revenue from sports wagering in the state has fluctuated in the same span from $12.8 million (June 2022) to $54.6 million (December 2022).
Major Players React To Deal
"The acquisition of Push Gaming by LeoVegas is consistent with our vision to expand MGM Resorts' digital gaming presence internationally to grow our capabilities and products over the next several years," Gary Fritz, President of MGM Resorts International Interactive, said in a news release. "We are pleased to bring Push Gaming into our business as it brings a track record of developing games that are popular and have staying power in the industry as well as an exceptional management and operating team."
LeoVegas CEO Gustaf Hagman praised Push Gaming, which was founded in 2010, for its “phenomenal journey, quickly growing … from a small start-up to a player with outstanding proprietary content and a strong customer base.”
The deal is subject to the usual regulations and approvals by appropriate authorities and is expected to be completed by the third quarter of 2023.
Stick with PennStakes for further developments as well as guidance and comparisons for legal Pennsylvania casino promotions.